If you’re spending more time at home lately, you’re in good company. With remote work on the rise, many of us are seeing the same four walls day after day. It’s only natural to want your living space to be both cozy and attractive.
Home renovations are a fantastic way to refresh both interior and exterior areas, but keep in mind that not every project offers the same payoff.
You can trim expenses on home improvements by choosing projects wisely.
The Most Common Home Improvements for 2023
Houzz’s October 2022 survey of 4,000 homeowners shows many plan to focus on repairs and upgrades in 2023, with 23% tackling a major renovation next year. After a heated housing market left many feeling wary in 2022, more homeowners and renters are opting to stay put and enhance the homes they already occupy.
Some of the top renovation projects people are spending on in 2023 include:
- Installing skylights
- Replacing exterior doors and repainting exteriors
- Upgrading electrical systems
- Improving plumbing systems
- Building or updating decks and patios
- Bathroom and kitchen remodels
Still, the same survey found that 11% of homeowners plan to delay projects in 2023, mainly because of inflation worries.
Below are strategies homeowners can use to cut costs while choosing renovations that deliver strong value.
How to Maximize Return on Your Home Upgrades
To save cash and prevent surprise expenses, pick projects that increase home equity. Before starting, think about which upgrades are truly worth doing.
Remodeling Magazine’s 2022 Cost vs. Value Report highlights projects that typically provide the quickest return on investment:
- Replacing the garage door
- Adding stone veneer
- Minor kitchen remodels
- Window replacement
- Siding replacement
Look for renovations that may qualify for local incentives. For example, many municipalities offer rebates for replacing lawns with drought-tolerant landscaping, lowering long-term upkeep costs.
You can also reduce heating and cooling bills by replacing aging appliances like your water heater, servicing your AC, or swapping out light fixtures and ceiling fans for more efficient options.
12 Practical Ways to Save on Home Improvements
You don’t have to wait years to afford impactful upgrades. Whether you handle the demo yourself or repaint cabinet faces, these tips emphasize saving rather than spending.
Top suggestions include:
- Declutter your home affordably
- Prioritize urgent repairs
- Stay on top of routine maintenance
- Recognize when to hire a professional
- Know how to choose the right contractor
- Take advantage of home office tax deductions
- Remodel your bathroom economically
- Refresh your outdoor area for around $100
- Spend smarter at high-end home stores
- Pick a small-scale improvement
- Explore solar and other green options
- Improve the rooms you actually use
1. Declutter Your Home Affordably
Getting your house in order doesn’t require splurging at a specialty store. Plenty of inexpensive organizing hacks will tidy up pantries, linen closets, junk drawers and more.
Consider repurposing items you already own or shopping at discount stores for storage solutions.
2. Prioritize Urgent Repairs
While it can be tempting to postpone some fixes, ignoring certain problems can lead to much larger and costlier issues down the road.
There are eight types of repairs you shouldn’t delay—address them quickly to avoid more extensive damage, safety risks or health concerns.
3. Stay on Top of Routine Maintenance
Regular upkeep is one of the best ways to prevent expensive repairs. Small ignored issues—like a water heater that no longer produces hot showers—can escalate into major, costly problems.
We outline four tiers of maintenance priorities, how often they should be completed, and approximate costs. Even setting aside $200 a month can help manage unforeseen home expenses.
4. Recognize When to Hire a Professional
Doing projects yourself doesn’t always save money. Tackling tasks beyond your ability can create expensive mistakes—think accidentally compromising a load-bearing wall.
We cover which jobs are safe for DIYers and which should be left to licensed professionals.
5. Know How to Choose the Right Contractor
Hiring a trustworthy contractor is often a major expenditure, so you want to be confident you picked the right person for the work.
Here are six essential questions to ask potential contractors. Make sure all parties agree on the scope and terms before signing any contract.
6. Take Advantage of Home Office Tax Deductions
Some home improvement costs may be tax-deductible. If you work from home, investigate whether your project qualifies for a tax deduction of up to 20% of expenses.
This isn’t limited to cosmetic updates like carpeting or paint—upgrading HVAC systems to improve your home office’s comfort and efficiency can also qualify.
7. Remodel Your Bathroom Economically
Transforming your bathroom into a restful retreat is important, especially when you spend a lot of time at home. Still, full bathroom overhauls can be pricey.
These tips offer ways to upgrade a bathroom with budgets ranging from $100 up to $1,000.
8. Refresh Your Outdoor Area for Around $100
Major landscaping jobs are expensive, but there are cost-effective ways to liven up your yard.
This guide provides six clever, affordable ideas to update your outdoor space without spending more than $100.
9. Spend Smarter at High-End Home Stores
Love the look of luxury home retailers but not their price tags?
This article reveals 10 tactics to save significantly when shopping at upscale furniture and decor stores so you rarely pay full price.
10. Pick a Small-Scale Improvement
Avoid large undertakings that require permits or specialized equipment. Focus on manageable projects that keep cost per square foot low.
For instance, you can make your front or back patio feel private and cozy with simple, budget-friendly screening techniques.
11. Explore Solar and Other Green Options
One major way to save long-term is to seek federal, state, or local incentives for sustainability projects. This includes more than just swapping incandescent bulbs for LEDs.
Solar incentives remain widely available. Visit the Solar Energy Technologies Office at energy.gov to estimate your tax credit and determine how quickly panels might pay for themselves.
12. Improve the Rooms You Actually Use
There’s a distinction between updates that increase your home’s resale value and those that make daily life better.
Start with a frequently used room—like the kitchen—and opt for small changes such as new paint or lighting rather than expensive new flooring or countertops.
“I always tell people a little bit of paint goes a long way,” said real estate agent Maria Bennett. “It’s an inexpensive way to entirely change the appearance and ambience of your kitchen.”
Eager to cut costs on home improvements? You don’t need to drain savings or tap retirement funds. Begin small this weekend with one room and see how modest investments can yield big results.
Alex Rivers is a former senior writer at Savinly. Jamie Park is a senior writer at Savinly.
